SG Market (30/ 05/ 12)

SG Market: S’pore shares may track higher following Wall Street's positive cue and some follow-through technical rebound but gains are expected to be limited as there is still a lot of uncertainty in the market. The market is likely to remain range-bound until we get more visibility around Jun 17, when Greece goes to the polls. Immediate resistance for the STI stands at 2820 with 2750 acting as underlying support. Among stocks likely in focus, Olam is acquiring a Brazilian sugar miller for US$240m, while Biosensors reported 4QFY12 net profit rose 49% yoy to US$27.2m, which is generally in line with expectations. Reuters reported UOB is among short-listed bidders for ING's Asia asset-management business. Pan Hong reported FY12 net profit fell 24.6% to Rmb177.6m.